Regulation Would Create A Level Playing Field

11/12/2017

We welcome Sajid Javid’s recent announcement that the government will look at regulating the UK’s property management sector to protect tenants from a small minority of rogue agents.

At the Association of Residential Managing Agents’ annual conference in October, the Secretary of State for Communities and Local Government launched a six-week ‘call for evidence’ to see whether a regulatory overhaul is necessary.

The deadline has now passed and we eagerly look forward to the outcome of the consultation period.

Mr Javid cited examples of rogue agents overcharging leaseholders and skipping or botching repairs, and said he wants to increase transparency and improve fairness and openness.

He contrasted his words of criticism with praise for the good guys – those responsible property managers who work hard to keep tenants and buildings safe.

We are members of the Royal Institution of Chartered Surveyors and ARMA and, as such, we are regulated by them. Both organisations regularly conduct in-depth audits of our operations, including our procedures and how we handle clients’ money.

In addition, we are required to maintain a formal complaints handling procedure which can be taken right up to the Ombudsman if a client is dissatisfied with the outcome of our internal investigation.

We only employ property managers who have the appropriate level of training and expertise.

All of this provides protection and reassurance for our clients.

I believe that formal regulation of the property management sector would create a level playing field between the firms competing for business. Those which currently avoid being regulated in any way would no longer be able to do so.

Regulation will drive out some of the abuses of position and bad practice which will be to the benefit of leaseholders.

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